(Entertainment-NewsWire.com, June 11, 2021 ) The global lactic acid market size is estimated to be valued at USD 1.1 billion in 2020 and is projected to reach USD 2.1 billion by 2025, recording a CAGR of 12.8%, in terms of value. The global polylactic acid market size is estimated to be valued at USD 786 million in 2020 and is projected to reach USD 1,756 million by 2025, recording a CAGR of 17.4%, in terms of value.
In recent years, the use of lactic acid in biodegradable polymers is growing significantly, mainly due to the rise in awareness among consumers and increased consumption of biodegradable plastic packaging in the food application segment. With the advancement of new technologies, the usage of lactic acid in the food and beverage sector helps in preventing the degradation of food quality. The Asia Pacific region is growing fastest owing to new technologies, government support, and an increase in the export of food and beverages.
‘By application, biodegradable polymers segment is projected to account for the fastest growing in the lactic acid market during the forecast period’
The usage of biodegradable polymers can lower the cost of labor used for the removal of conventional plastics, as plastics have been detrimental to the environment. Moreover, decomposition and degradation of biodegradable polymers stabilize the environment and increases the longevity of landfills by decreasing the amount of garbage. They can also be reprocessed into useful oligomers by microbial, enzymatic, and hydrolytic treatment for other applications.
‘By application, agriculture is projected to account for the fastest growing segment in the polylactic acid market during the forecast period’
The use of polylactic acid in agricultural applications includes the integration of a timed-release fertilizer in polylactic acid sheets or molded forms and biodegradable plant clips. In recent years, the agriculture segment accounted for a low market share for polylactic acid-based products, but applications such as polylactic acid-based mulch films are projected to witness an increase in the agriculture sector. Mulch films are extensively used in the cultivation of fruits & vegetables. The mechanical properties of PLA are comparable to the existing mulch film products and have the advantage of being completely biodegradable through a single growing season.
Corbion (Netherlands), DuPont (US), Cargill (US), Galactic (Belgium), DOW (US), Unitika (Japan), Henan Jindan Lacic Acid Technology (China), Sulzer (Switzerland), Mushashino Chemical (Japan), Vigon International (US), Henan Xinghan Biology Technology (China), Danimer Scientific (US), COFCO BioChemical (China), Jungbunzlauer (Switzerland), FoodChem International (China), Vaishnavi Biotech (India), Spectrum Chemicals (US), Godavari Bio-refineries (India), ProAgro GmbH (Austria), and Qingdao Abel Technology (US) are the leading lactic acid and polylactic acid market vendors.
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